TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
IDX hopes three SOEs to go public in 2025
As the Indonesian bourse looks at a lowly figure of 34 IPOs over th first nine months of the year, it expressed hope that more SOEs might go public in 2025, pointing to Inalum and PTPN III as potential listings.
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
The Offshore North West Java (ONWJ) oil and gas rig of Pertamina Hulu Energi (PHE) operates on April 2, 2023 in the waters off Indramayu. (Antara/Aditya Pradana Putra)
T
he Indonesia Stock Exchange (IDX) has expressed its hope of luring more state-owned enterprises (SOEs) to conduct initial public offerings (IPOs) next year, particularly those with large valuations, as it seeks to increase the number of listed companies available for investors.
“So far, there are no SOEs in the IPO pipeline for this year. Maybe we could see SOEs like [a subsidiary] from Pertamina, Inalum [PT Indonesia Asahan Aluminium] and PT Perkebunan Nusantara [PTPN] III listed on the IDX next year,” said the bourse’s president director Iman Rachman on Thursday, as quoted by Kontan.
“Our market capitalization is typically boosted by large companies with high trading liquidity,” he added.
The SOEs Ministry planned for PT Pertamina Hulu Energi (PHE), the upstream unit of state-owned oil and gas holding company Pertamina, to go public in 2023 with a reported aim to raise at least Rp 20 trillion (US$1.3 billion). However, the plan was postponed to await better market conditions amid falling oil prices.
Deputy SOEs Minister Kartika Wirjoatmodjo said last week that PHE was currently focusing on boosting production and exploration, as well as pursuing more international mergers and acquisitions.
“Our hope is that the firm’s domestic production and capacity will increase, and that it will have more wells in other countries. Then, we will reconsider the plan to go public,” he said on Oct. 10, as quoted by Bisnis.com.
Read also: Analysts tout stocks, corporate bonds as top picks after Fed, BI rate cuts
